Announcement

Collapse
No announcement yet.

Why do people insist that they can't save anything?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Why do people insist that they can't save anything?

    Why is it that some people insist that they can't save anything? I have a friend who i tried to talk into saving money about 30 years ago. I told her to start with just $5 a week. She told me, what good would $5 a week do her?
    Well, $5 times 52 weeks is only $260, but after 31 years, it is over $8000 and would be much more with compound interest, probably closer to $20,000. Still she has no savings.

    #2
    Self-control and delayed gratification are not traits many people aspire to. Many don't realize that having savings and security feels as good or better than having useless junk. I found that it does not take very long to establish this trait when desired.

    Comment


      #3
      Because they really don't want to.

      Comment


        #4
        It's their maturity level. Only a mature person, can say no to wants in an effort to save. Just my opinion.
        My other blog is Your Organized Friend.

        Comment


          #5
          I have a child on the way and I hope he learns from me to not be too materialistic or impulsive.
          For me it comes from trusting and loving what is inside of me. My inner peace, financial freedom, and self esteem can not be bought at a mall.
          I also hate clutter. lol....it's like "I am sick of these wall hangings sorta but if I buy new ones these ones will clutter some storage space"
          Honestly my friends think personal finance is BORING.

          Comment


            #6
            I think these people are incapable of imagining a worst-case financial scenario where they would need substantial savings to get by. They have the "it will never happen to me" mentality. Or they believe that someone (government) will take care of them if they cannot do so themselves - unfortunately there are too many examples of this actually happening, so it's easy to believe.

            Comment


              #7
              Based on my experience with DH, who has little to no interest in money, I think that is where a lot of people fail- just a total lack on interest. Also, people like DH have a hard time conceptualizing things like money and time. You know the sort- give them some cash, watch them spend it, and then watch them try to figure out where it all went.

              Money is easy to spend and savings seems abstract and not all that useful in the immediate moment. My DH is also the kind of guy who worries about everything tomorrow, but tomorrow never comes though eventually the storm hits.

              Comment


                #8
                I think people that don't have interest in saving money are people who likes to be charity cases. Most of the people that I know are like that. They rather have people give to them instead of them saving money and taking care of business the way they suppose to. I started saving $5 a paycheck and increased it as I could. I always say something is always better than nothing.

                Comment


                  #9
                  Originally posted by mom-from-missouri View Post
                  Because they really don't want to.
                  Originally posted by FrugalFish View Post
                  I think that is where a lot of people fail- just a total lack on interest.
                  I think this is basically it. Sure, there is the immediate gratification thing, but I think some people simply don't care. They are the "live for today" types. They see no need to save because they might get hit by a bus tomorrow. Why save money that you may never get to use. I've found that it is impossible to have an intelligent conversation with this type of person.

                  These folks also are often clueless about money. They pay no attention to sales, coupons and discounts and then go around complaining that they have no money. I work with someone like this. It is very frustrating.

                  When most people say they are broke, it is pretty simple to see how they live and know why they are broke. But don't bother trying to explain what they are doing wrong or how they could fix it. They don't care. They'd rather complain.
                  Steve

                  * Despite the high cost of living, it remains very popular.
                  * Why should I pay for my daughter's education when she already knows everything?
                  * There are no shortcuts to anywhere worth going.

                  Comment


                    #10
                    I agree Steve. I have tried to get her to save money for a rainy day, but she never would. She was always borrowing money to get by on. When things got real bad, her church would pay her bills. She is a little older than I am and will have to work the rest of her life.

                    Comment


                      #11
                      I have a 30 something friend who works as an independent contractor and elects to not buy health insurance. I told him about some quotes around $100 or so with a high deductable. He told me that was high for him. He regualry "gets his drink on" as he calls it at bars, wines and dines a girlfriend who disrespects him at least twice weekly and who said he has no plans to marry ever or stay with, and purchases cigarettes daily. He buys many dvd's even of movies he said are "just ok".

                      He used to be an ex cowroker who went to the vending machine for soda and snacks daily. We were close so I jokingly told him to go to the store and put an 8 pack or so of soda in our company fridge. He said he likes his walk to the vending machines. lol

                      Comment


                        #12
                        oh and the friend I refer to has no savings or debt so I suppose if he did come on hard times like a medical emergancy he could file bankruptcy and the courts would have no assets, only debt(student loans, bank loan, car, and so on) to go after. you know nothing to lose mentality.

                        Comment


                          #13
                          People like that should read "The Automatic Millionarie" by David Bach. They are exactly the type of people to gain the most from this book!

                          Comment


                            #14
                            The really big obstacle is now with this down maket these people will use it as their rationale for never having invested. I can hear then now saying "See, this is why I never put anything away." They don't seem to see that even if they had less in their account after a market drop like we have had that it would probably be more than the $0 they have saved currently.

                            Comment


                              #15
                              it is very easy to save

                              go open up a savings account

                              Comment

                              Working...
                              X